1. Economic Ministers from ten ASEAN Member States and the Russian Federation (“the Ministers”) met on 1 September 2018 in Singapore, for the Seventh AEM-Russia Consultations. The Consultations were co-chaired by H.E. Chan Chun Sing, Minister for Trade and Industry, Singapore and H.E. Sergey Gorkov, Deputy Minister of Economic Development, the Russian Federation (representing H.E. Maxim Oreshkin, Minister of Economic Development, the Russian Federation).

2. The Ministers exchanged views on trade and economic developments between both sides. They welcomed the recovery in trade flows between ASEAN and Russia in 2017, noting that the total merchandise trade between ASEAN and Russia, according to Statistic data of the ASEAN Secretariat, reached USD 16.7 billion in 2017, an increase of 40 per cent over 2016. Foreign Direct Investment (FDI) flows from Russia to ASEAN reached USD 40 million in 2017.

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